Cryptopia Sets Relaunch Date For Today Despite Exchange Reopening Delays Still Being Possible

Cryptopia Sets Launch Date For Today, Delays Are Still Possible

If you follow crypto news, you might remember Cryptopia, the New Zealand-based crypto exchange which was hacked during January. The company was shut down for a long time since the theft happened and then it is set to relaunch today, March 4.

The official Twitter account of the exchange has affirmed on the site that the team had intentions to open yesterday, March 3. However, a “small delay” made the company not be able to do it, so reopening is scheduled for today.

However, it should be noted that more issues might happen and the exchange might not open today but sometime this week. Until Cryptopia is actually open, which has not happened at the time of this report, everything is still possible.

Recovering From The Hacks

Cryptopia has suffered severe damages from the hacking event. First, the company was hacked, which prompted it to put its system offline. However, things actually managed to get worst after this happened and two more attacks followed.

The hackers attacked two more wallets from the company in separate days after the service was already offline, draining even more crypto from the exchange.

This happened mostly because some the users were unaware of the attacks and, despite the site being down, they continued to send money to the wallets of the company. This has caused the hackers, which had total control over the wallets after they hacked it, to perceive that they were able to make even more money by stealing from these users, so they did it.

Elementus, a blockchain analytical company, followed the case closely and, together with Cryptopia, has tried to warn all the users against keep depositing money in the hacked accounts. Unfortunately, they were less effective than they wished and the second and third attacks happened. Fortunately, though, people are slowly stopping to send money.

Most of the secondary “attacks” were not so many actual attacks as they were basically the hackers, which now own the wallets, taking the money out. The last attack happened about a week ago.

Reports made by Elementus show that Cryptopia actually lost more than $16 million USD due to the hacks.

Will Cryptopia Actually Get Back On Its Feet?

It actually seems like Cryptopia has been handling the situation fairly well, despite all the problems. Many exchanges never open their doors again after the attacks happened or they have to be sold in order to compensate the money that their clients lost.

To be opening up shop again shows that Cryptopia was actually pretty resilient despite its losses. Some people have compared the attack to the one suffered by Bitfinex in 2015, which made the exchange lose over $72 million USD worth of BTC.

After the attack, however, the exchange upgraded its security system and it was actually able to become one of the most popular exchanges in the market now, so this means that Cryptopia still got its shot to solve its problems and actually see its happy ending.

We’ll have to follow the activities of the exchange during 2019 in order to know whether Cryptopia will get back on its feet or if the company will still suffer from the hacks, so follow our blog to know more about it.

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